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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bglobal | LSE:BGBL | London | Ordinary Share | GB00B1VLV059 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBGBL
RNS Number : 1064V
Bglobal PLC
10 December 2013
BGLOBAL PLC
("Bglobal" or the "Company" or the "Group")
HALF-YEARLY FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
Bglobal plc (AIM: BGBL), the leading provider of smart energy solutions and services to the UK energy market is pleased to announce its half-yearly financial report for the six months ended 30 September 2013.
Commenting on the results John Grant, Chairman said: "One conclusion I have drawn so far from work on the strategic review is that our business remains undervalued. Utiligroup alone produced EBITDA in the period of GBP0.46 million. Our Nutech Training business remains poised to capitalise on the need to develop the skills required to support the Government's carbon-reduction programmes. Our end-to-end solutions continue to find new applications and Bsmart has grown organically to a point at which it is soon to reach a monthly breakeven position and feedback from Bsmart customers has been positive as typically they save over 20% on their utility bills."
Highlights:
-- Revenue of GBP6.17 million (2012: GBP5.82 million from continuing operations)
-- Recurring revenues increased by 2.1% to GBP4.04 million (2012: GBP3.95 million from continuing operations), up 47.4% in the Software and services segment offsetting losses in metering business
-- Gross margin up to 62.5% (2012: 54.1%) -- Adjusted Operating loss GBP0.91 million(1) (2012: GBP1.16 million loss(2) ) -- Adjusted loss before taxation of GBP0.95 million loss(1) (2012: GBP1.19 million loss(2) ) -- Loss before tax of GBP2.16 million (2012: GBP0.83 million loss) -- Cash balances at 30 September 2013 GBP2.52 million
-- Two new entrants brought in via "supplier in a box" since 1 April 2013, plus the extension of software and services to a supplier who has launched a new residential brand in the market
--
<Note: All highlights above exclude Utilisoft Pty which was sold in February 2013>
(1) Before debiting GBP0.03 million in relation to share based payments, debiting GBP0.48 million in relation to providing against capitalised development costs, debiting GBP0.20 million against the recoverability of the loan note issued in 2011 to Pure World Technologies Limited and before charging amortisation of acquired intangibles of GBP0.49 million
(2) Before crediting GBP0.83 million on Draig acquisition, crediting GBP0.03 million in relation to share based payments and before charging amortisation of acquired intangibles of GBP0.51 million
Tim Jackson-Smith, Group Chief Executive Officer added: "Following the strategic review carried out by KPMG, we have already taken significant cost out of the business (approximately GBP1.0 million on an annualised basis) and strict cash management procedures are now in place. We believe that a third party may be better placed to develop the potential in our Metering business and take it forward to the next phase of its development allowing the Board to focus on its software and services businesses of Utiligroup, Nutech and Bsmart."
- ends -
For further information, please visit www.bglobalplc.com or contact:
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John Grant Executive, Mark Taylor
Chairman
Tim Jackson-Smith, CEO Charles Stanley Dwight Burden
Securities
Bglobal plc Nominated Adviser RedLeaf
Tel: 01254 819 600 Tel: 020 7149 6000 Tel: 0207 382 4735
CHAIRMAN'S STATEMENT
I report below on the Group's results for the half year ended 30 September 2013. This is my first statement as Chairman since my appointment in August, and so I want to take the opportunity to explain the work the Board and the Company has been undertaking in the past few months and my initial impressions of the business.
Strategic Review
As requested by shareholders, the Board has been conducting a strategic review of the Group. This has been a collaborative process, which has involved a great deal of time commitment on behalf of the whole of our Board, senior management, KPMG and other advisers. The purpose of the exercise has been to improve the performance of the business and enhance shareholder value. The first outcomes of the review have included taking significant cost out of Bglobal's head office, re-focusing the business on its customers and implementing strict cash management procedures. In addition, as previously announced, we have decided to explore a potential sale of our metering business as we believe that a third party may be better placed to take this business to the next phase of its development.
One conclusion I have drawn so far from work on the strategic review is that our business remains undervalued by the market. Utiligroup alone produced EBITDA in the period of GBP0.46 million. Our Nutech training business remains poised to capitalise on the need to develop the skills required to support the Government's carbon-reduction programmes. Our end-to-end solutions continue to find new applications and Bsmart has grown organically to a point at which it is soon expected to reach a monthly breakeven position. Feedback from Bsmart customers has been positive as typically they save over 20% on their utility bills. Bsmart has been further strengthened as Pure World Technologies Limited, a competitor, went into administration. Whilst we have had to write off our convertible debt of GBP0.2million to this company, Bsmart was able to acquire some of its key assets as part of the debenture security we had.
Business Development
The Group's staff is enthusiastic and ambitious and have the ability to grow and develop many of our product lines both organically and by finding new markets for them. I have sought to channel their energies into projects, which have a short-to-medium prospect of financial return, whilst ensuring longer term projects are progressed at an appropriate pace. There has, historically, been a focus on revenue generation which, in part, has not been tempered by cost controls befitting a Group of our size. The financial performance of the Group has, accordingly, been disappointing over this period as costs have been incurred for projects, which were a long way from being cash generative.
Results
Total revenue increased by 6% to GBP6.17 million (2012: GBP5.82 million). The gross margin has increased to 62.5% (2012: 54.1%) as the Group further concentrates on the software and services business and has brought the Draig business in house. Administrative costs from continuing operations increased to GBP4.56 million (2012: GBP4.10 million) with operating costs within the new businesses of Nutech and Bsmart totalling GBP0.51 million (2012: GBP0.18 million) and costs acquired with Draig of GBP0.20 million. The Draig acquisition has helped save costs from the cost of sales line and will, in the future, improve our gross margins. Since the period end, we have reduced ongoing administrative costs by approximately GBP1 million per annum.
Adjusted Operating Loss for the period was GBP0.91 million (2012: GBP1.16 million loss) after adjusting for the one-off items detailed in the accounts.
The reported basic loss per share, including the one-off items, was 1.93p (2012: 0.66p loss).
However, despite the trading deficit, the Group's cash balances at 30 September 2013 were GBP2.52 million.
Dividend
The Board is not recommending a dividend, as all funds are currently needed for the Group's working capital requirements.
Board and employees
I have had the pleasure over the last few months of meeting many of the Group's employees. They are clearly one of the Group's great strengths and I would like to take this opportunity to thank them for their support during my transition into this role. I feel very strongly that one of my roles as Chairman is to imbue the Group with a culture of honesty, transparency, effectiveness and efficiency. I shall strive to live up to those standards and ensure the Group reflects them. I would also like to thank my Board colleagues for their support and advice in what has been a difficult period for the Company.
Conclusion
Implementing the first batch of recommendations from the strategic review is the Board's priority for the next quarter. The management team, led by our CEO Tim Jackson-Smith, will continue to pursue any significant profitable growth opportunities that have been identified to date and to develop our existing businesses in line with our strategy. I look forward to being able to report on more positive developments in future.
John Grant
Chairman
CHIEF EXECUTIVE'S STATEMENT
The six months to 30 September have presented a number of challenges for the Group, but despite these I am pleased to report that turnover in the period increased to GBP6.17 million, a 6% increase on the same period last year. Whilst the Metering business has continued to face difficult trading conditions, Utiligroup has had its strongest ever start to a year and continues to flourish. The two new businesses, Nutech and Bsmart, which were established during the last financial year, are now starting to build momentum and both are pursuing a number of interesting opportunities.
Software and Related Services
Utiligroup's performance was ahead of our expectations in the period and the business continues to see strong demand for its software and services. Utiliserve has had a particularly successful six months and was over 25% ahead of budget and has delivered a profit in the 6 months to 30 September 2013. Turnover increased by 63% to GBP2.97 million in the six months ended 30 September 2013 (2012: GBP1.82 million). Recurring revenue in the period was GBP2.38 million (2012: GBP1.61 million)
Utilisoft has brought two more companies into the market as energy suppliers through its "Supplier in a Box" product, hasextended the provision of software and services to a supplier who has launched a new residential brand in the market and has a strong pipeline of customers keen to enter the UK energy market. The business has benefited from its hard work in the previous year, which helped to build a solid recurring revenue stream that provided a stable platform from which it could grow and that has been further built upon during the period.
The recent developments in the UK energy market present a number of opportunities for Utiligroup to further exploit its position as an integral part of that market. Calls from the Prime Minister for more competition to the Big 6 and his desire for there to be a Big 60 has helped to drive demand for the software and services that Utiligroup provides.
Metering and Data Services
Revenue from meter installations was GBP1.24 million (2012: GBP2.03 million) which was slightly ahead of the Board's expectations. The Group's accredited data collection, data aggregation and meter operation revenue for the period was GBP1.66 million (2012: GBP2.11 million). The volume of meter installations during the period has been in line with our expectations and has stabilised since the dramatic fall in volume seen in the last financial year. As the deadline regarding the mandate to install smart meters into properties in profile classes 5-8 draws ever closer, we have seen increased interest from a number of our customers to assist them in fulfilling their obligations.
Following the completion of the strategic review, it has also been decided that we will no longer pursue certain research and development initiatives and this has lead to an exceptional impairment charge of GBP0.48 million against capitalised development costs.
Training Services
The delay to the mass rollout of smart meters has meant that Nutech Training has not performed in line with our expectations and its turnover for the six months ending 30 September was only GBP0.09 million. The management team has continued to look at ways of creating revenue streams for the business that enable it to leverage its accreditations without leading to direct investment in training facilities. I am pleased to report that Nutech has recently signed a franchise agreement with Future Energy Solutions, who will open a new training centre in the North East. The centre will operate under Nutech's accreditations, which will allow it to provide dual fuel smart meter installation and other relevant training. A number of other organisations have approached Nutech about the franchise model and the business continues to discuss the training needs of a number of energy suppliers ahead of the mass rollout of smart meters. I am confident that Nutech is well placed to capitalise on the training opportunities that will arise over the coming years.
Energy Management
The Group's energy management business, Bsmart Energy Solutions, has had a slower start to the year than we had expected but has still grown its turnover significantly from last year, generating a turnover of GBP0.32 million in the six months to 30 September. The business continues to see demand for its products and services and we expect the recent energy price increases to see growing interest in the energy saving solutions that Bsmart offers and that companies, such as JD Sports, are benefiting from.
Strategic review
On 11 November 2013, the Board announced the conclusion of the strategic review and the initial conclusions resulting from that. Following detailed consultation with, and the receipt of a report from, KPMG the Board has begun implementing a number of actions in order to improve the performance of the business and enhance shareholder value. These actions include taking significant cost out of Bglobal's head office, re-focusing the business on its customers and implementing strict cash management procedures. In addition, the Board has decided to explore a potential sale of its metering business, B Global Metering Limited.
A disposal of the metering business will allow the Group to focus its resources on the software and services side of the business which the Board believes is capable of generating significant shareholder value. A number of changes within the UK energy market create opportunities for, in particular, Utiligroup. Indeed, the advent of the Data Collection Company (DCC), following the recent award of contracts by DECC, generates the need for integration software to be developed and sold into Utiligroup's existing customer base and the need for more competition within the UK energy market stimulates demand for the 'Supplier in a Box' product as more businesses consider becoming energy suppliers. We have also seen increased interest from the public sector in the 'Supplier in a Box' model with local authorities and housing associations seeing their own entry into the market as a way of alleviating fuel poverty amongst their constituents and tenants.
All of these opportunities leave Utiligroup in a strong position to capitalise on its position within the UK energy market and to continue delivering strong results for the Group.
Outlook
I would like to highlight the quality, commitment and dedication of the Group's employees. The Group has had a number of distractions to deal with in this financial year, some of which have unfortunately been played out in public, but despite this, our colleagues have continued to focus on doing the best job they can and on delivering a quality service to all our customers. The improved performance on many fronts for the six months ending 30 September 2013 is a testament to their hard work and abilities.
The Board remains committed to creating value for all our stakeholders and to improving the performance of the business. We have already taken significant cost out of the business (approximately GBP1.0 million on an annualised basis) and strict cash management procedures are now in place. As stated above, we believe that a third party may be better placed to develop the potential in our Metering business and take it forward to the next phase of its development and, accordingly, the decision has been taken to explore a sale of this business. I am pleased to say that we have had an encouraging level of interest in this business and look forward to updating shareholders as this process evolves.
Tim Jackson-Smith
Chief Executive Officer
Bglobal plc
Consolidated statement of comprehensive income for the period ended 30 September 2013
6 Months ended 6 Months ended Year ended
30 Sept 13 30 Sept 12 31 Mar 13
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
REVENUE 2 6,167 5,818 11,578
Cost of sales (2,315) (2,670) (5,046)
----------------------- ----------------------- -----------------------
Gross profit 3,852 3,148 6,532
Total administrative expenses (5,970) (3,952) (8,580)
_________ ________ ________
OPERATING LOSS (2,118) (804) (2,048)
Results from operating activities
before adjustments in respect
of the following: (912) (1,163) (1,711)
Share based compensation (34) 33 19
Amortisation of acquisition-related
intangibles (494) (501) (969)
Impairment provision of capitalised
development cost 3 (478) - -
Provision in relation to financial
asset 3 (200) - -
Reversal of fair value adjustment
on supplier companies - - (214)
Gain on acquisition of Draig
Technology 3 - 827 827
3
----------------------- ----------------------- -----------------------
OPERATING LOSS (2,118) (804) (2,048)
Finance costs (45) (39) (78)
Finance income 6 12 21
----------------------- ----------------------- -----------------------
LOSS BEFORE TAXATION 2 (2,157) (831) (2,105)
Taxation 4 104 126 (779)
-------------------- ----------------------- -----------------------
LOSS FOR THE PERIOD FROM CONTINUING
OPERATIONS (2,053) (705) (2,884)
-------------------- ----------------------- -----------------------
PROFIT/(LOSS) FOR THE
PERIOD FROM DISCONTINED
OPERATIONS - 1 (423)
-------------------- ----------------------- -----------------------
ATTRIBUTABLE TO OWNERS OF THE
PARENT (2,053) (704) (3,307)
Reclassification to profit
and loss on disposal of
foreign operation - (8) -
-------------------- ----------------------- -----------------------
Other comprehensive income/(loss) - (8) -
-------------------- ----------------------- -----------------------
TOTAL COMPREHENSIVE (LOSS)/INCOME
FOR THE PERIOD (2,053) (712) (3,307)
-------------------- ----------------------- -----------------------
Loss per share including
discontinued
operations
Basic loss per share - pence 5 (1.93) (0.66) (3.11)
Fully diluted loss per share
- pence 5 (1.93) (0.66) (3.11)
Loss earnings per share
excluding
discontinued operations
Basic loss per share - pence 5 (1.93) (0.66) (2.71)
Fully diluted loss per share
- pence 5 (1.93) (0.66) (2.71)
Bglobal plc
Consolidated statement of Financial Position at 30 September 2013
As at As at As at
30 Sept 30 Sept 31 Mar
13 12 Unaudited 13
Unaudited GBP'000 Audited
GBP'000 GBP'000
------------------------------ ---- ----------- -------------- ---------
ASSETS
NON CURRENT ASSETS
Intangible assets 5,928 9,122 6,540
Property, plant & equipment 618 725 655
Financial asset - 200 200
Deferred tax assets - 1,208 -
------------------------------ ---- ----------- -------------- ---------
6,546 11,255 7,395
----------------------------------- ----------- -------------- ---------
CURRENT ASSETS
Inventories 823 1,223 1,081
Energy supply companies held
for sale 116 336 112
Trade and other receivables 2,867 4,069 3,228
Cash and cash equivalents 2,519 1,779 3,021
------------------------------------ ----------- -------------- ---------
6,325 7,407 7,442
----------------------------------- ----------- -------------- ---------
TOTAL ASSETS 12,871 18,662 14,837
------------------------------------ ----------- -------------- ---------
EQUITY AND LIABILITIES
EQUITY
Share capital 1,063 1,063 1,063
Share premium 20,709 20,709 20,709
Share based compensation 227 182 195
Merger reserve 792 792 792
Translation reserve - (8) -
Retained losses (15,141) (10,487) (13,090)
------------------------------------ ----------- -------------- ---------
TOTAL EQUITY 7,650 12,251 9,669
------------------------------------ ----------- -------------- ---------
NON CURRENT LIABILITIES
Deferred taxation 642 1,304 745
Other financial liabilities - 950 -
------------------------------ ---- ----------- -------------- ---------
642 2,254 745
----------------------------------- ----------- -------------- ---------
CURRENT LIABILITIES
Trade and other payables 3,276 4,068 3,449
Other financial liabilities 1,303 52 974
Current tax - 37 -
------------------------------ ---- ----------- -------------- ---------
4,579 4,157 4,423
----------------------------------- ----------- -------------- ---------
TOTAL LIABILITIES 5,221 6,411 5,168
------------------------------------ ----------- -------------- ---------
TOTAL EQUITY AND LIABILITIES 12,871 18,662 14,837
------------------------------------ ----------- -------------- ---------
Bglobal plc
Consolidated statement of cash flows for the period to 30 September 2013
6 Months 6 Months Year
ended ended ended
30 Sept 30 Sept 31 Mar
13 12 Unaudited 13
Unaudited GBP'000 Audited
GBP'000 GBP'000
-------------------------------------------- ----------- -------------- ---------
Cash flow from operating activities
Loss before taxation from continuing
operations (2,157) (831) (2,105)
Profit/(loss) before taxation
from discontinued operations - 18 (10)
Gain on bargain purchase of Draig
Technology - (827) (827)
Share based compensation 34 (32) (19)
Finance costs 45 39 78
Finance income (6) (26) (21)
Impairment provision in relation 478 - -
to capitalised development costs
Depreciation 106 114 233
Amortisation 589 883 1,705
Decrease/(increase) in inventories 258 (209) (68)
Decrease in trade and other receivables 562 728 1,188
(Decrease)/increase in trade
and other payables (172) (190) 351
Movement on subsidiaries held
for sale (5) (68) 157
Foreign exchange difference - (8) -
-------------------------------------------- ----------- -------------- ---------
Cash (used in)/generated from
operations (268) (409) 662
Taxation received/(paid) - 9 (81)
-------------------------------------------- ----------- -------------- ---------
Net cash (used in)/generated
by operating activities (268) (400) 581
Investing activities
Payments to acquire property,
plant and equipment (68) (176) (293)
Payments to acquire intangible
assets (456) (461) (1,165)
Payments to acquire subsidiary
undertaking - (675) (675)
Net cash acquired with subsidiary
undertaking - 7 7
Disposal of subsidiary, net of
cash disposed - - 1,155
Finance income 6 26 21
-------------------------------------------- ----------- -------------- ---------
Cash used in investing activities (518) (1,279) (950)
Financing
New bank loan/(repayment of bank
loan) 329 (15) (31)
Payments in respect of obligations
under finance leases - (28) (41)
Finance costs (45) (39) (78)
-------------------------------------------- ----------- -------------- ---------
Net cash generated by/(used in)
financing activities 284 (82) (150)
-------------------------------------------- ----------- -------------- ---------
Decrease in cash and cash equivalents (502) (1,761) (519)
Cash and cash equivalents at
the beginning of the financial
period 3,021 3,540 3,540
------------------------------------------------ ----------- -------------- ---------
Cash and cash equivalents at
the end of the financial period 2,519 1,779 3,021
------------------------------------------------ ----------- -------------- ---------
Bglobal plc- Consolidated statement of changes in equity for the period ended 30 September 2013
Share Share Share based Merger Translation Retained Total
capital premium compensation reserve Reserve losses equity
GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Balance as at
31 March 2012 1,063 20,709 351 792 - (9,920) 12,995
Share based compensation - - (32) - - - (32)
Lapsed options - - (137) - - 137 -
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Total transactions
with owners in
their capacity
as owners - - (169) - - 137 (32)
Loss for the
period - - - - - (704) (704)
Currency
translation
difference - - - - (8) - (8)
Balance as at
30 September
2012 1,063 20,709 182 792 (8) (10,487) 12,251
Share based compensation - - 13 - - - 13
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Total transactions
with owners in
their capacity
as owners - - 13 - - - 13
Loss for the
period - - - - - (2,603) (2,603)
Currency translation
difference - - - - 8 - 8
Total comprehensive
loss for the
period - - - - (2,603) (2,603)
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Balance as at
31 March 2013 1,063 20,709 195 792 - (13,090) 9,669
Share based compensation - - 34 - - - 34
Lapsed options - - (2) - - 2 -
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Total transactions
with owners in
their capacity
as owners - - 32 - - 2 34
Loss for the
period - - - - - (2,053) (2,053)
Total comprehensive
loss for the
period - - - - - (2,053) (2,053)
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Balance as at
30 September
2013 1,063 20,709 227 792 - (15,141) 7,650
-------------------------- ---------- ---------- ------------- ---------- ------------- ---------- ------------
Notes to the accounts
1. Basis of preparation and accounting policies
Basis of preparation
The Group's half-yearly financial report consolidates the results of the company and its subsidiary undertakings made up to 30 September 2013. The company is a limited liability company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange. The consolidated financial information of Bglobal plc is presented in Pounds Sterling (GBP), which is also the functional currency of the parent.
The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. It does not therefore include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 March 2013.
The financial information for the 6 months ended 30 September 2013 is also unaudited.
The Group's statutory accounts for the year ended 31 March 2013 have been delivered to the Registrar of Companies. The report of the auditors on these accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
Significant accounting policies
The accounting policies used in the preparation of the financial information for the six months ended 30 September 2013 are in accordance with the recognition and measurement criteria of International Financial Reporting Standards ('IFRS') as adopted by the European Union and are consistent with those which will be adopted in the annual statutory financial statements for the year ending 31 March 2014.
While the financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), this announcement does not in itself contain sufficient information to comply with IFRS's.
Going concern
The directors believe that the use of the going concern basis of accounting remains appropriate because, despite the operating loss in the period and associated operating cash outflow, the Group continues to have significant cash reserves. The directors have reviewed the budget and working capital forecasts for the period to 31 March 2015 and have performed a sensitivity analysis over the forecasts. The projections include forecasts of revenue growth based on management's best estimates, and steps would be taken to reduce costs if those revenue forecasts are not met in the short term.
The Directors also are currently exploring the possibility of disposing of B Global Metering Limited to further increase the reserves of cash.
The directors therefore have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2. Segmental information
The Group has four reportable segments: Metering and data services, Energy management, Training Services and Software and related services. This disclosure correlates with the information which is presented to the Group's Chief Decision Maker, the CEO. The Group's revenue and result before taxation were derived from its principal activities. Operations are carried out within the United Kingdom and, up to the time of the disposal of the Australian business on 28 February 2013, in Australia.
6 months ended 30 Metering Software
September 2013 and and
REVENUE data Energy Training related
services management services services Adjustments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Total revenue - UK 2,896 316 90 2,973 - 6,275
Inter segment sales
- UK - - - - (108) (108)
Total revenue 2,896 316 90 2,973 (108) 6,167
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
6 months ended 30 Metering Software
September 2013 and and Central
RESULT data Energy Training related Costs/
services management services services Adjs Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result before
amortisation, depreciation
and separately (536) (147) (228) 458 (292) (745)
identifiable items (88) (4) (11) (99) (493) (695)
Amortisation and depreciation
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result before
separately identifiable
items (624) (151) (239) 359 (785) (1,440)
Separately identifiable
items (478) - - - - (478)
- - - - (200) (200)
Impairment provision
of capitalised development
costs
Provision in relation
to financial asset
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result after
separately identifiable
items (1,102) (151) (239) 359 (985) (2,118)
Finance income - - - - 6 6
Finance costs - - - (7) (38) (45)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Profit / (loss) before
tax (1,102) (151) (239) 352 (1,017) (2,157)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Metering Software
and and
6 months ended 30 data Energy Training related
September 2012 services management services services Adjustments Total
REVENUE GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Continuing operations
- UK 4,137 5 - 1,820 - 5,962
Inter segment sales
- UK - - - - (144) (144)
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Total sales from continuing
operation 4,137 5 - 1,820 (144) 5,818
Discontinued operations
- Australia - - - 1,461 - 1,461
Total revenue 4,137 5 - 3,281 (144) 7,279
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Metering Software
and and Central
6 months ended 30 data Energy Training related Costs/
September 2012 services management services services Adjs Total
RESULT GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Segment result before
amortisation and depreciation
from continuing operation (383) (54) (123) 233 (358) (685)
Amortisation and depreciation (106) (2) (3) (90) (745) (946)
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Segment result before
separately identifiable
items (489) (56) (126) 143 (1,103) (1,631)
Separately identifiable
items
Gain on acquisition
of Draig Technology - - - 827 - 827
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Segment result after
separately identifiable
items (489) (56) (126) 970 (1,103) (804)
Finance income 2 - - 1 9 12
Finance costs - - - (1) (38) (39)
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
(487) (56) (126) 970 (1,132) (831)
Loss before tax from
continuing operations - - 18 - 18
Profit before tax
from discontinued
operations
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
Profit / (loss) before
tax (487) (56) (126) 988 (1,132) (813)
-------------------------------- ------------- ------------- ----------- ---------- ----------------- ----------
The table above has been restated to be consistent with the current year's presentation whereby the results of the Energy Management Segment are separately disclosed (previously held within Metering and Data Services) and Utilisoft Pty has been reclassified as a discontinued operation, in accordance with the format of the information which is regularly provided to the Group's chief decision maker.
Metering Software
and and
Year ended 31 March data Energy Training related
2013 services management services services Adjustments Total
REVENUE GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Continuing operations
- UK 7,420 64 93 4,411 - 11,988
Inter segment sales
- UK - - - - (410) (410)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Total sales from continuing
operation 7,420 64 93 4,411 (410) 11,578
Discontinued operations
- Australia - - - 2,649 - 2,649
Total revenue 7,420 64 93 7,060 (410) 14,227
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Metering Software
and and Central
Year ended 31 March data Energy Training related Costs/
2013 services management services services Adjs Total
RESULT GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result before
amortisation and depreciation
from continuing operations (867) (301) (289) 771 (574) (1,260)
Amortisation and depreciation (200) (4) (16) (266) (915) (1,401)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result before
separately identifiable
items (1,067) (305) (305) 505 (1,489) (2,661)
Separately identifiable
items - - - 827 - 827
- - - (214) - (214)
Reversal of fair value
adjustment on supplier
companies
Gain on acquisition
of Draig Technology
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Segment result after
separately identifiable
items (1,067) (305) (305) 1,118 (1,489) (2,048)
Finance income 3 - - 1 17 21
Finance costs - - (1) (1) (76) (78)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Loss before tax from
continuing operations (1,064) (305) (306) 1,118 (1,548) (2,105)
- - - (611) - (611)
Loss before tax from
discontinued operations
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
Profit / (loss) before
tax (1,064) (305) (306) 507 (1,548) (2,716)
-------------------------------- -------------- -------------- ----------- ---------- --------------- ----------
The table above has been restated to be consistent with the current year's presentation whereby the results of the Energy Management Segment are separately disclosed (previously held within Metering and Data Services), in accordance with the format of the information which is regularly provided to the Group's chief decision maker.
3 Separately identifiable items
These comprise: 6 Months 6 Months Year
ended ended ended
30 Sept 13 30 Sept 12 31 Mar 13
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ ------------ -----------
Impairment provision of capitalised (478) - -
development cost
Provision in respect of loan (200) - -
note
Credit arising on acquisition
of Draig Technology Limited - 827 827
Reversal of fair value adjustment
on supplier companies - - (214)
(678) 827 613
------------------------------------- ------------ ------------ -----------
Following the completion of the strategic review, it has also been decided that we will no longer pursue certain research and development initiatives and this has lead to an impairment of GBP0.48m against capitalised development costs within B Global Metering Limited.
The separately identifiable debit of GBP200,000 relates to a full provision made in respect of the loan note issued to Pure World Technologies Limited in November 2011. Pure World Technologies Limited was subject to a winding up order issued on 11 October 2013 and are currently in administration.
The separately identifiable credit of GBP826,650 for the year ended 31 March 2013 arose upon the bargain purchase of Draig Technologies Limited in September 2012.
During the year ended 31 March 2013, four "Supplier in a Box(TM)" energy companies were sold resulting in a gain of GBP226,839. The gain of GBP226,839 is after charging fair value adjustments previously applied totalling GBP214,420, those adjustments being made following the acquisition of Utiligroup by Bglobal plc in 2010 and are considered non-recurring in nature.
4 Taxation
Current tax: 6 Months 6 Months Year
ended ended ended
30 Sept 30 Sept 12 31 Mar 13
13 Unaudited Audited
Unaudited GBP'000 GBP'000
GBP'000
------------------------------- ----------- ------------ -----------
Corporation tax at 23% (March
2013: 24%) - - 128
R & D tax credit - - (291)
Total current tax - - (163)
------------------------------- ----------- ------------ -----------
Deferred tax:
Origination and reversal of
temporary differences 104 126 (616)
------------------------------- ----------- ------------ -----------
Income tax credit/(charge) 104 126 (779)
------------------------------- ----------- ------------ -----------
5 Loss per share
The calculation of basic loss per ordinary share is based on:
6 Months 6 Months ended Year ended
ended 30 Sept 12 31 Mar 13
30 Sept 13 Unaudited Audited
Unaudited GBP'000 GBP'000
GBP'000
--------------------------------- ----------------- --------------- --------------
Loss attributable to equity
holders including discontinued
operations (2,053) (704) (3,308)
Weighted average number
of shares - basic 106,307,871 106,307,871 106,307,871
Weighted average number
of shares - diluted 106,307,871 106,307,871 106,307,871
--------------------------------- ----------------- --------------- --------------
Loss per share - basic
(pence) (1.93) (0.66) (3.11)
Loss per share - diluted
(pence) (1.93) (0.66) (3.11)
--------------------------------- ----------------- --------------- --------------
6 Months 6 Months ended Year ended
ended 30 Sept 12 31 Mar 13
30 Sept 13 Unaudited Audited
Unaudited GBP'000 GBP'000
GBP'000
--------------------------------- ------------- --------------- -------------
Loss attributable to equity
holders excluding discontinued
operations (2,053) (705) (2,884)
Weighted average number
of shares - basic 106,307,871 106,307,871 103,486,998
Weighted average number
of shares - diluted 106,307,871 106,307,871 103,563,694
--------------------------------- ------------- --------------- -------------
Loss per share - basic
(pence) (1.93) (0.66) (2.71)
Loss per share - diluted
(pence) (1.93) (0.66) (2.71)
--------------------------------- ------------- --------------- -------------
The loss for the period and the weighted average number of ordinary shares for calculating the diluted loss per share for each period are identical to those for the basic loss per share. This is because the outstanding share options and shares arising on conversion of the convertible financial liabilities would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of International Accounting Standard ("IAS") No 33.
Loss per share from discontinued 6 Months 6 Months ended Year ended
operations ended 30 Sept 12 31 Mar 13
30 Sept 13 Unaudited Audited
Unaudited
---------------------------------- ------------ --------------- -----------
Basic loss per share - - - (0.40)
pence
Fully diluted loss per - - (0.40)
share - pence
---------------------------------- ------------ --------------- -----------
6 The half-yearly financial report was approved for issue by the Board of Directors on 10 December 2013.
7 A copy of this half-yearly financial report is available from the Company's Registered Office or by visiting our website at www.bglobalplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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